Consulting firm Ernst & Young has reached a similar conclusion in their so-called winter forecast and predicts 2013 economic growth for Austria of 0.9%. According to Helmut Maukner of E&Y Austria, we must prepare for more moderate economic growth in the coming year. However, in contrast to many other eurozone countries (2013 GDP forecast: minus 0.2%), Austria can build on a solid economic basis. Ernest & Young has forecast a slight economic recovery in Europe for 2014, which should translate to a plus of 1.1% in Austria’s economy.

The weak international economy leading to muted commodity and energy prices in 2013 is likely to trigger falls in inflation, down to 2.1% (Wifo) and 1.8% (IHS)(2012: 2.4 to 2.5%). This is in contrast to unemployment, which is set to rise slightly in 2013 despite the moderate recovery and will remain high in 2014 – Eurostat forecasts unemployment rates of 4.6% (2012: 4.3%).